A Look Back: The Sydney Property Market Over the Last Five Years
Sydney’s real estate market has undergone significant changes over the past five years, with high-end properties continuing to thrive despite economic fluctuations, interest rate hikes, and broader market corrections.
Between 2019 and 2024, property prices in Sydney saw periods of rapid appreciation, brief market corrections, and continued resilience, particularly in the luxury segment. Notably, the COVID-19 pandemic created a unique market environment, initially slowing transactions but later fueling price surges due to record-low interest rates and heightened demand for premium lifestyle properties.
In 2021, Sydney’s housing market recorded one of its most robust growth periods in history, with median house prices rising by more than 25% in some sought-after suburbs. By late 2022, rising interest rates and economic uncertainty led to a temporary cooling, but demand for prestige properties remained strong, particularly in the Eastern Suburbs, the North Shore, and waterfront locations.
From mid-2023 into 2024, the luxury market rebounded as buyers adapted to higher borrowing costs, and strong migration trends bolstered demand. Premium properties in blue-chip areas such as Bondi, Bellevue Hill, Vaucluse, and Tamarama continued to command record-breaking prices.
Price Projections for 2029
Sydney’s property market is expected to maintain strong momentum over the next five years, with leading experts forecasting significant price growth in the city’s most desirable locations.
According to PropTrack, the Eastern Suburbs are set to experience substantial appreciation due to ongoing demand from affluent buyers, a shortage of prime real estate, and continued gentrification of key areas. Below is a detailed forecast for some of Sydney’s most sought-after suburbs:
| Suburb | Current Median Price | 5-Year Growth (%) | Projected 2029 Median Price |
|---|
| Bondi | $1,746,000 | 44% | $2,520,000 |
| North Bondi | $2,755,000 | 33% | $3,667,000 |
| Bondi Beach | $1,500,000 | 15% | $1,718,000 |
| Bellevue Hill | $2,800,000 | 20% | $3,363,000 |
| Bronte | $3,748,000 | 87% | $7,022,000 |
| Darling Point | $2,760,000 | -4% | $2,650,000 |
| Dover Heights | $6,100,000 | 49% | $9,076,000 |
| Paddington | $2,665,000 | 39% | $3,709,000 |
| Rose Bay | $2,253,000 | 36% | $3,061,000 |
| Randwick | $1,320,000 | 26% | $1,657,000 |
| Vaucluse | $4,365,000 | 17% | $5,129,000 |
| Woollahra | $2,675,000 | 54% | $4,112,000 |
Key Drivers of Future Growth
- Strong Demand for Luxury Properties
- The continued appeal of Sydney’s coastal and inner-city lifestyle, combined with strong international and local buyer interest, will keep premium properties in high demand.
- Limited Supply in Prime Locations
- The scarcity of land and strict development regulations in Sydney’s most prestigious suburbs will drive property values upwards as demand outstrips supply.
- Increased Migration & Investment
- Sydney’s status as a global city ensures a steady influx of international buyers and high-net-worth individuals seeking investment properties and primary residences.
- Infrastructure & Economic Growth
- Large-scale infrastructure projects, such as improved public transport links and urban renewal initiatives, will enhance the desirability of key suburbs.
- Resilience of High-End Markets
- Even during periods of market uncertainty, luxury properties historically maintain their value better than lower-priced segments due to their exclusivity and buyer demographics.
Luxury Property Sales Above $5 Million (2024-2025)
Tamarama
79A Fletcher Street, Tamarama NSW 2026 – $9,530,000 (20 Sep 2024)
19 Dellview Street, Tamarama NSW 2026 – Not Disclosed (24 Jan 2025)
3 Thompson Street, Tamarama NSW 2026 – $8,750,000 (3 Nov 2024)
Bondi Beach
315/180-186 Campbell Parade, Bondi Beach NSW 2026 – $9,200,000 (28 Sep 2024)
69 Warners Avenue, Bondi Beach NSW 2026 – $8,600,000 (1 Mar 2024)
71 Warners Avenue, Bondi Beach NSW 2026 – $8,600,000 (1 Mar 2024)
50 Fletcher Street, Bondi NSW 2026 – $8,525,000 (17 Feb 2024)
74 Watson Street, Bondi NSW 2026 – $8,150,000 (17 Sep 2024)
North Bondi
93 Hastings Parade, North Bondi NSW 2026 – $8,300,000 (21 Nov 2024)
82 Brighton Boulevard, North Bondi NSW 2026 – $8,250,000 (11 Mar 2024)
36 Mitchell Street, North Bondi NSW 2026 – $8,000,000 (21 Mar 2024)
6/116-118 Brighton Boulevard, North Bondi NSW 2026 – $7,850,000 (5 Mar 2024)
2 Macleay Street, North Bondi NSW 2026 – $7,825,000 (4 Mar 2024)
Bellevue Hill
2 Trahlee Road, Bellevue Hill NSW 2023 – $14,500,000 (27 Feb 2024)
137 Victoria Road, Bellevue Hill NSW 2023 – $14,000,000 (22 Nov 2024)
25 Cooper Park Road, Bellevue Hill NSW 2023 – $13,875,000 (28 Feb 2024)
28 Birriga Road, Bellevue Hill NSW 2023 – $13,700,000 (3 Oct 2024)
12 Streatfield Road, Bellevue Hill NSW 2023 – $12,160,000 (22 Feb 2024)
49 Beresford Road, Bellevue Hill NSW 2023 – $12,088,000 (12 Apr 2024)
26 Ginahgulla Road, Bellevue Hill NSW 2023 – $11,601,000 (2 Mar 2024)
2 Beresford Crescent, Bellevue Hill NSW 2023 – $11,500,000 (17 Oct 2024)
34 Bunyula Road, Bellevue Hill NSW 2023 – $11,000,000 (5 May 2024)
206B Victoria Road, Bellevue Hill NSW 2023 – $11,000,000 (19 Apr 2024)
3 Vivian Street, Bellevue Hill NSW 2023 – Not Disclosed (5 Oct 2024)
22 Northland Road, Bellevue Hill NSW 2023 – $10,400,000 (26 Feb 2024)
11 Cooper Park Road, Bellevue Hill NSW 2023 – $10,120,000 (28 Oct 2024)
Bronte
12 Brown Street, Bronte NSW 2024 – $9,050,000 (12 Oct 2024)
7 Violet Street, Bronte NSW 2024 – $8,400,000 (22 Aug 2024)
9 Pembroke Street, Bronte NSW 2024 – $8,000,000 (25 Sep 2024)
59 St Thomas Street, Bronte NSW 2024 – $7,640,000 (4 Apr 2024)
33 Murray Street, Bronte NSW 2024 – $7,600,000 (22 Oct 2024)
4 Alfred Street, Bronte NSW 2024 – Not Disclosed (25 Oct 2024)
345 Bronte Road, Bronte NSW 2024 – $5,950,000 (28 Mar 2024)
5 Albert Street, Bronte NSW 2024 – $5,900,000 (30 Jan 2025)
21 Tipper Avenue, Bronte NSW 2024 – $5,900,000 (27 Aug 2024)
26 Brown Street, Bronte NSW 2024 – $5,860,000 (2 Sep 2024)
28 Lugar Street, Bronte NSW 2024 – $5,785,000 (29 Feb 2024)
35 Dickson Street, Bronte NSW 2024 – $5,600,000 (29 Nov 2024)
20 Violet Street, Bronte NSW 2024 – $5,200,000 (27 Aug 2024)
Darling Point
2/101 Darling Point Road, Darling Point NSW 2027 – $24,500,000 (24 May 2024)
3/101 Darling Point Road, Darling Point NSW 2027 – $24,500,000 (24 May 2024)
71 Darling Point Road, Darling Point NSW 2027 – $22,000,000 (14 Mar 2024)
2D Greenoaks Avenue, Darling Point NSW 2027 – $20,000,000 (31 Aug 2024)
2 Etham Avenue, Darling Point NSW 2027 – $14,050,000 (13 Nov 2024)
14C Eastbourne Road, Darling Point NSW 2027 – $14,000,000 (12 Sep 2024)
1/38 Yarranabbe Road, Darling Point NSW 2027 – $14,000,000 (3 May 2024)
2/38 Yarranabbe Road, Darling Point NSW 2027 – $14,000,000 (3 May 2024)
8 Goomerah Crescent, Darling Point NSW 2027 – Not Disclosed (7 Nov 2024)
1/7 Hampden Avenue, Darling Point NSW 2027 – $11,250,000 (7 Mar 2024)
2 Mount Adelaide Street, Darling Point NSW 2027 – $8,800,000 (21 Mar 2024)
Dover Heights
39 Portland Street, Dover Heights NSW 2030 – $16,800,000 (1 Mar 2024)
34 Portland Street, Dover Heights NSW 2030 – $9,600,000 (13 Feb 2024)
87 Hardy Street, Dover Heights NSW 2030 – $9,100,000 (2 Apr 2024)
2 Napier Street, Dover Heights NSW 2030 – $8,777,777 (11 Oct 2024)
190 Military Road, Dover Heights NSW 2030 – $7,800,000 (21 Mar 2024)
12 Aboukir Street, Dover Heights NSW 2030 – $7,600,000 (6 Apr 2024)
65 Hardy Street, Dover Heights NSW 2030 – $7,580,000 (22 Aug 2024)
35 Oceanview Avenue, Dover Heights NSW 2030 – $7,260,000 (21 Mar 2024)
34 George Street, Dover Heights NSW 2030 – $6,900,000 (17 Nov 2024)
133 Military Road, Dover Heights NSW 2030 – $6,900,000 (2 May 2024)
57 Hardy Street, Dover Heights NSW 2030 – $6,850,000 (30 Aug 2024)
105B Military Road, Dover Heights NSW 2030 – $6,400,000 (13 Apr 2024)
59 Military Road, Dover Heights NSW 2030 – $5,720,000 (1 Nov 2024)
37 Military Road, Dover Heights NSW 2030 – Not Disclosed (21 Jan 2025)
29 Lancaster Road, Dover Heights NSW 2030 – $5,380,000 (5 Mar 2024)
35 George Street, Dover Heights NSW 2030 – $5,155,000 (25 Sep 2024)
Paddington
37 Glenview Street, Paddington NSW 2021 – $6,800,000 (1 May 2024)
72 Sutherland Street, Paddington NSW 2021 – $6,600,000 (27 Mar 2024)
376 Moore Park Road, Paddington NSW 2021 – Not Disclosed (17 Oct 2024)
43 Regent Street, Paddington NSW 2021 – $6,350,000 (12 Jun 2024)
162 Jersey Road, Paddington NSW 2021 – $6,300,000 (13 Aug 2024)
35 Bent Street, Paddington NSW 2021 – $6,100,000 (27 Nov 2024)
132 Hargrave Street, Paddington NSW 2021 – $5,600,000 (22 Mar 2024)
22 Suffolk Street, Paddington NSW 2021 – $5,575,000 (24 Aug 2024)
14-16 Comber Street, Paddington NSW 2021 – $5,500,000 (5 Jul 2024)
18 Comber Street, Paddington NSW 2021 – $5,500,000 (5 Jul 2024)
41 Bent Street, Paddington NSW 2021 – $5,450,000 (17 Apr 2024)
58 Underwood Street, Paddington NSW 2021 – $5,300,000 (30 Oct 2024)
60 Hargrave Street, Paddington NSW 2021 – $5,200,000 (28 May 2024)
19 Albion Avenue, Paddington NSW 2021 – $5,095,000 (31 Jul 2024)
358 Moore Park Road, Paddington NSW 2021 – $5,050,000 (16 Mar 2024)
60 Regent Street, Paddington NSW 2021 – $5,050,000 (27 Sep 2024)
44 Leinster Street, Paddington NSW 2021 – $5,000,000 (20 Mar 2024)
Rose Bay
45 Beaumont Street, Rose Bay NSW 2029 – $7,425,000 (11 Jul 2024)
1 College Lane, Rose Bay NSW 2029 – $7,350,000 (6 May 2024)
3 Ebsworth Road, Rose Bay NSW 2029 – $7,120,000 (5 Apr 2024)
76 Newcastle Street, Rose Bay NSW 2029 – $7,100,000 (31 May 2024)
4 Beaumont Street, Rose Bay NSW 2029 – $6,700,000 (6 Jun 2024)
40 Liverpool Street, Rose Bay NSW 2029 – $6,700,000 (13 Jul 2024)
40 Blake Street, Rose Bay NSW 2029 – $6,600,000 (12 Feb 2024)
37 Beaumont Street, Rose Bay NSW 2029 – $6,350,000 (13 Mar 2024)
45 Liverpool Street, Rose Bay NSW 2029 – $6,300,000 (1 Oct 2024)
43 Blake Street, Rose Bay NSW 2029 – $6,000,000 (20 Jun 2024)
5 Albemarle Avenue, Rose Bay NSW 2029 – $5,800,000 (30 Aug 2024)
11 Strickland Street, Rose Bay NSW 2029 – Not Disclosed (6 Sep 2024)
12 Plumer Road, Rose Bay NSW 2029 – $5,300,000 (28 Feb 2024)
23 Beaumont Street, Rose Bay NSW 2029 – Not Disclosed (19 Aug 2024)
23B Beaumont Street, Rose Bay NSW 2029 – $5,250,000 (19 Aug 2024)
Randwick
1 Dick Street, Randwick NSW 2031 – $13,560,000 (23 Nov 2024)
8 Higgs Street, Randwick NSW 2031 – $12,000,000 (2 May 2024)
60 Wentworth Street, Randwick NSW 2031 – $8,900,000 (17 Oct 2024)
45 Darley Road, Randwick NSW 2031 – $8,553,000 (22 Jun 2024)
11 Searle Avenue, Randwick NSW 2031 – $8,300,000 (24 Aug 2024)
22 Fern Street, Randwick NSW 2031 – $8,000,000 (26 Mar 2024)
7 Douglas Street, Randwick NSW 2031 – $6,550,000 (21 Mar 2024)
25 Darley Road, Randwick NSW 2031 – $6,500,000 (28 Sep 2024)
43 Prince Street, Randwick NSW 2031 – $6,500,000 (25 Jul 2024)
2 Challis Street, Randwick NSW 2031 – $6,450,000 (14 Aug 2024)
115 Alison Road, Randwick NSW 2031 – Not Disclosed (5 Dec 2024)
3 Botany Street, Randwick NSW 2031 – $6,020,000 (9 Jul 2024)
45 Cowper Street, Randwick NSW 2031 – $6,005,000 (4 Jun 2024)
49 Pine Street, Randwick NSW 2031 – $5,700,000 (22 Aug 2024)
65 Dangar Street, Randwick NSW 2031 – $5,600,000 (18 Mar 2024)
21 Oswald Street, Randwick NSW 2031 – $5,542,000 (2 Oct 2024)
38 Bishops Avenue, Randwick NSW 2031 – $5,500,000 (9 Mar 2024)
1 Lingard Street, Randwick NSW 2031 – $5,300,000 (29 Feb 2024)
Vaucluse
28 MacDonald Street, Vaucluse – $14,750,000 (March 2024)
15 Olphert Avenue, Vaucluse – $13,280,000 (2024)
8 Wentworth Road, Vaucluse – $13,250,000 (October 2024)
71 Kings Road, Vaucluse – $12,500,000 (March 2024)
109 Hopetoun Avenue, Vaucluse – $12,250,000 (March 2024)
43 Derby Street, Vaucluse – $11,700,000 (February 2024)
23 Olola Avenue, Vaucluse – $11,000,000 (May 2024)
67 Kings Road, Vaucluse – $10,800,000 (November 2024)
51 Captain Pipers Road, Vaucluse – $10,700,000 (March 2023)
4 Burrabirra Avenue, Vaucluse – $10,525,000 (March 2024)
12B Greycliff Avenue, Vaucluse – $10,100,000 (May 2024)
11 Bell Street, Vaucluse – $10,000,000 (April 2024)
37 Palmerston Street, Vaucluse – $10,000,000 (March 2024)
Woollahra
26 Rosemont Avenue, Woollahra NSW 2025 – $21,500,000 (3 Jul 2024)
38 Roslyndale Avenue, Woollahra NSW 2025 – $18,000,000 (25 Oct 2024)
18 Wallaroy Road, Woollahra NSW 2025 – $16,400,000 (21 Mar 2024)
3 Attunga Street, Woollahra NSW 2025 – $16,100,000 (17 Oct 2024)
33 Wallaroy Road, Woollahra NSW 2025 – Not Disclosed (23 Oct 2024)
17 Milton Avenue, Woollahra NSW 2025 – $13,500,000 (16 Mar 2024)
123A Queen Street, Woollahra NSW 2025 – $12,600,000 (10 May 2024)
76 Moncur Street, Woollahra NSW 2025 – $12,000,000 (9 Apr 2024)
89 John Street, Woollahra NSW 2025 – $11,200,000 (26 Feb 2024)
26 Holdsworth Street, Woollahra NSW 2025 – $11,000,000 (19 Apr 2024)
14 Milton Avenue, Woollahra NSW 2025 – $10,400,000 (28 Mar 2024)
91 John Street, Woollahra NSW 2025 – $9,250,000 (24 Feb 2024)
36 Wallaroy Road, Woollahra NSW 2025 – $9,205,000 (27 Mar 2024)
86 John Street, Woollahra NSW 2025 – $9,200,000 (21 May 2024)
Final Thoughts
Sydney’s luxury property market remains one of the most dynamic and resilient in the world. While fluctuations may occur in the short term, the long-term trajectory for high-end real estate is overwhelmingly positive. Buyers and investors looking to enter the market should focus on established blue-chip suburbs where growth potential remains strong.
As we move toward 2029, the Sydney property market is set to deliver solid capital gains, particularly for well-located properties in sought-after suburbs. Whether purchasing for lifestyle or investment, the outlook remains promising for those looking to capitalize on Sydney’s real estate boom.
